iphone sync multiple mailboxes

Is it possible to active sync multiple mailboxes with calendar and contact to the same iphone? Outlook can view multiple mailboxes but i want to accomplish to same iphone. Active sync works fine for one mailbox. Please let me know if it is possible.

No it's not possible with the current iPhone os.
You can use other protocols of course, like IMAP or POP3 to sync additional mailboxes but that will not do calendar or contacts. The IMAP implementation on the iPhone is actually really good, I use it quite a bit.

I have read someplace, but would consider this a rumour only that the new version 4 of the os which has multitasking may have multiple exchange account capability.

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Well, to my knowledge, jailbreaking itself is not illegal. There are other things that you can do with it that would violate laws, but allowing access to the iDevice root filesystem, which jailbreaking is, is not illegal. If you would like to jailbreak, first you have to make sure that you actually can. Which device would you want to jailbreak, and what is the model number of this device?

If it is an MC model number device, it means that you will have a tethered jailbreak, which means that whenever you want to fully boot up your device, you will have to run some software on your computer.

Another road that you can take is to wait for June/July when the new 4.0 firmware is going to be released and this will allow active sync with multiple inboxes. The 4.0 firmware is going to be released with the new iPhone model, so stay tuned.

If you would like to investigate jailbreaking a little more, you can reply here and I can put you in the right direction, or you can visit http://www.ipodtouchfans.com for more articles about said topic.